Shares of Western Digital Corporation (NASDAQ:WDC) have earned a consensus recommendation of “Buy” from the thirty-seven research firms that are covering the stock, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and three have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $110.58.
WDC has been the subject of several recent research reports. Mizuho reiterated a “buy” rating and issued a $105.00 price objective on shares of Western Digital in a research note on Sunday, October 8th. Vetr cut Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 price objective for the company. in a research note on Monday, October 30th. Zacks Investment Research upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Cowen reiterated an “outperform” rating and issued a $117.00 price objective on shares of Western Digital in a research note on Thursday, September 21st. Finally, Robert W. Baird cut Western Digital from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $120.00 to $93.00 in a research note on Monday, October 2nd.
In other Western Digital news, Director Henry T. Denero sold 4,097 shares of Western Digital stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $85.97, for a total transaction of $352,219.09. Following the transaction, the director now owns 10,834 shares of the company’s stock, valued at $931,398.98. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now directly owns 70,560 shares in the company, valued at approximately $5,997,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,039 shares of company stock worth $1,400,999. 0.31% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Swiss National Bank increased its holdings in shares of Western Digital by 2.1% in the third quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock valued at $92,773,000 after purchasing an additional 21,900 shares during the period. Buckingham Capital Management Inc. acquired a new position in shares of Western Digital in the second quarter valued at approximately $1,754,000. 1st Global Advisors Inc. acquired a new position in shares of Western Digital in the second quarter valued at approximately $1,148,000. Iridian Asset Management LLC CT increased its holdings in shares of Western Digital by 4.9% in the third quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock valued at $511,545,000 after purchasing an additional 278,951 shares during the period. Finally, First Republic Investment Management Inc. increased its holdings in shares of Western Digital by 2.9% in the third quarter. First Republic Investment Management Inc. now owns 116,791 shares of the data storage provider’s stock valued at $10,091,000 after purchasing an additional 3,280 shares during the period. 83.78% of the stock is currently owned by institutional investors and hedge funds.
Western Digital (NASDAQ WDC) opened at $81.44 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The stock has a market capitalization of $24,040.00, a PE ratio of 17.00, a PEG ratio of 0.27 and a beta of 1.12. Western Digital has a 52 week low of $69.10 and a 52 week high of $95.77.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.18 EPS. sell-side analysts expect that Western Digital will post 12.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio (DPR) is 41.75%.
Western Digital declared that its board has approved a stock repurchase program on Thursday, November 9th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the data storage provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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Western Digital Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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